Kalshi in Talks to Raise Funding at $65 Billion Valuation to Build Compute Futures Platform

Kalshi is reportedly in discussions to raise fresh capital at a valuation of $65 billion as the prediction market startup prepares to expand into a new financial product called compute futures. The proposed expansion would take the company beyond its traditional event-based contracts and position it against established financial exchanges such as CME Group and Intercontinental Exchange (ICE). Reuters reported the fundraising discussions on November 12, 2026, citing information from Bloomberg News.

The reported funding talks come just weeks after Kalshi completed a $1 billion funding round at a $40 billion valuation, co-led by Sequoia Capital and Wellington Management. The latest discussions indicate growing investor interest in the company’s ambition to build a broader financial exchange offering products linked to economic events, commodities, cryptocurrencies and computing resources. However, the proposed $65 billion valuation and new funding round have not been finalised.

Kalshi Targets $65 Billion Valuation in New Funding Talks

Kalshi is exploring another capital raise that could value the company at approximately $65 billion, according to people familiar with the discussions.

The proposed valuation represents a substantial increase from its previous $40 billion valuation secured in October 2026.

The company has been expanding its business beyond prediction markets, where users trade contracts based on the outcomes of real-world events.

Its latest strategy involves developing new financial products that could attract institutional investors, businesses and professional traders.

Kalshi could not immediately be reached for comment on the latest funding discussions, Reuters reported.

The proposed funding amount has not been disclosed, and it remains unclear which investors could participate in the new round.

The discussions highlight how quickly investor expectations around prediction market companies have changed as these platforms explore opportunities beyond traditional event contracts.

Kalshi’s Valuation Rises From $22 Billion to $65 Billion

The proposed $65 billion valuation follows a series of major fundraising rounds that have rapidly increased Kalshi’s market value.

In October 2026, the company announced a $1 billion Series G funding round at a $40 billion post-money valuation.

The round was co-led by Sequoia Capital and Wellington Management, with participation from investors including Baillie Gifford, Andreessen Horowitz, Coatue, Tiger Global and Morgan Stanley Investment Management.

Just five months earlier, Kalshi had raised another $1 billion in a Coatue-led funding round that valued the company at $22 billion.

The latest proposed valuation would represent an increase of approximately 62.5% over its October valuation.

Kalshi’s Funding and Valuation History

Funding Round	Investment	Valuation
Previous funding round	$1 Billion	$22 Billion
October 2026 Series G	$1 Billion	$40 Billion
Proposed new round	Not disclosed	$65 Billion

The rapid increase in valuation reflects investor expectations about Kalshi’s growing trading activity and its ambition to become a diversified financial exchange.

However, the $65 billion figure remains a proposed valuation rather than a completed funding outcome.

What Are Compute Futures and Why Is Kalshi Entering This Market?

One of the most important developments behind Kalshi’s latest strategy is its interest in compute futures.

Compute futures are financial contracts that allow businesses and investors to hedge against or speculate on the future prices of computing resources.

These resources include cloud computing capacity, graphics processing units (GPUs) and other infrastructure required to run artificial intelligence applications.

As AI adoption increases, demand for computing power has become an important cost consideration for technology companies.

Businesses operating AI models often require access to large amounts of GPU capacity to train models, process information and operate AI-powered applications.

However, computing costs can fluctuate depending on supply, demand, hardware availability and infrastructure capacity.

Compute futures could help companies manage this uncertainty.

For example, an AI company expecting to require substantial GPU capacity six months from now could use a futures contract to hedge against potential increases in computing costs.

Similarly, investors could trade contracts based on expectations about future cloud computing and GPU rental prices.

The potential market could create a new category of financial derivatives linked directly to the infrastructure supporting the global AI industry.

Kalshi Wants to Compete With CME Group and ICE

Kalshi’s move into compute futures could bring it into more direct competition with established financial exchange operators.

Two major companies exploring this market are CME Group and Intercontinental Exchange.

CME Group previously announced a partnership with Silicon Data to develop compute futures, with a planned launch subject to regulatory review.

ICE, the parent company of the New York Stock Exchange, has also shown interest in the emerging market.

The competition reflects growing recognition that computing power is becoming an important economic resource, particularly as companies invest heavily in artificial intelligence.

Traditional commodity markets allow businesses to hedge exposure to oil, natural gas, agricultural products and metals.

Compute futures could apply a similar financial framework to cloud and GPU capacity.

For Kalshi, entering this market would represent a significant expansion beyond its original prediction market business.

Instead of focusing exclusively on contracts linked to elections, sports and economic events, the company wants to offer financial instruments that businesses can use to manage operational risks.

Regulatory Challenges Could Delay Compute Futures Launch

Despite the commercial opportunity, compute futures face regulatory and market infrastructure challenges.

In the United States, derivatives markets are subject to oversight by the Commodity Futures Trading Commission (CFTC).

The regulator has been examining the development of futures contracts linked to computing resources.

CFTC Chairman Michael Selig previously highlighted the importance of developing a robust derivatives market for computing power as part of the broader artificial intelligence ecosystem.

However, regulatory approval is not guaranteed.

Reports earlier in November indicated that the regulator had postponed approval of futures contracts linked to GPU rental prices while seeking further input from benchmark providers.

One concern involves the reliability of the underlying price benchmarks used to settle these contracts.

Unlike established commodities such as crude oil and gold, computing capacity does not yet have a universally accepted pricing benchmark.

Another challenge is the possibility of price manipulation in a relatively new and concentrated market.

For compute futures to function effectively, exchanges will need reliable pricing data, transparent settlement mechanisms and sufficient market liquidity.

These regulatory questions could influence when Kalshi and its competitors are able to launch their products commercially.

Kalshi Expands Beyond Traditional Prediction Markets

Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara.

The company initially built its business around event contracts that allow users to trade on the outcomes of real-world events.

These markets cover areas such as politics, sports, economics, weather and other developments.

For example, users can trade contracts linked to election outcomes, interest rate decisions or the performance of sporting teams.

Over time, Kalshi has expanded its product portfolio to include cryptocurrency perpetual futures, equity index-related products and commodities markets.

Its October funding announcement outlined plans to develop additional products, including indices, single-stock perpetual futures and compute markets.

The company also wants to increase institutional participation by attracting hedge funds, proprietary trading firms and financial institutions.

Its strategy is to evolve from a prediction market platform into a broader financial exchange serving both individual and institutional customers.

This expansion could increase its addressable market while reducing its dependence on any single category of trading activity.

Rising Trading Activity Supports Kalshi’s Expansion Strategy

Kalshi’s growing trading activity is another factor attracting investor attention.

According to figures cited in Bloomberg’s reporting, the company’s monthly notional trading volume increased from approximately $40 billion in August 2026 to nearly $100 billion in October.

That represents more than a doubling of trading activity over two months.

Sports-related contracts have been an important contributor to this growth.

The company has also reported increasing activity across commodities, cryptocurrency, politics and other markets.

In its October funding announcement, Kalshi said its annualised trading volume had exceeded $1 trillion across prediction markets, commodities, crypto and perpetual futures.

It also reported more than $1 billion in annualised revenue from non-sports markets.

These figures suggest the company is attempting to diversify its revenue sources while attracting a broader range of market participants.

However, notional trading volume should not be confused with revenue. It represents the total value of contracts traded rather than the amount of money earned by the exchange.

What the $65 Billion Valuation Means for Kalshi

A successful funding round at $65 billion would strengthen Kalshi’s position among the world’s most valuable privately held financial technology companies.

It would also demonstrate investor confidence in the commercial potential of prediction markets and specialised financial derivatives.

The company is positioning itself to benefit from several growing markets, including artificial intelligence infrastructure, cryptocurrency trading, commodities and event-based financial contracts.

Compute futures could be particularly important because they connect the financial services industry with the rapidly expanding AI infrastructure market.

As technology companies spend more on GPUs and cloud computing, demand for financial instruments that help manage these expenses could increase.

However, Kalshi will need to overcome regulatory hurdles, establish reliable pricing benchmarks and attract enough institutional participants to create liquid markets.

The proposed valuation also assumes continued growth in trading activity and successful execution of its expansion strategy.

The Bigger Picture

Kalshi’s reported $65 billion funding discussions highlight an emerging connection between artificial intelligence infrastructure and financial markets.

As AI companies compete for computing resources, GPU capacity and cloud infrastructure are becoming increasingly important business expenses. This creates an opportunity for financial exchanges to develop products that help companies manage price fluctuations.

Compute futures could eventually provide businesses with tools similar to those available in traditional energy and commodity markets.

For Kalshi, entering this segment could transform its business from a prediction market operator into a diversified exchange competing with established financial institutions.

However, the market is still in its early stages. Regulatory approval, benchmark reliability and institutional adoption will determine whether compute futures become a significant financial product or remain a specialised market.

Looking Ahead

Kalshi’s immediate focus will be on securing additional investor interest and advancing its plans to develop compute futures. A successful funding round at the proposed $65 billion valuation would provide further financial resources to expand its product portfolio, strengthen institutional partnerships and compete with traditional exchanges. However, the funding discussions remain preliminary, and the company has not disclosed the size or expected completion date of the proposed round.

The longer-term opportunity will depend on whether compute futures gain regulatory approval and attract businesses seeking protection against rising AI infrastructure costs. With CME Group and ICE also exploring the market, competition is likely to intensify. Kalshi’s ability to establish reliable pricing benchmarks, build liquidity and attract institutional traders could determine whether its expansion strategy delivers lasting growth.